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Is Forex Trading a Scam?

One of the most common queries in most forex discussions is, "Isn't Forex trading just another kind of gambling?" 

This appears to be a simple question with a simple response, yet a deeper examination of the two leads to the conclusion that they are altogether distinct entities.

Gambling and Forex trading

Because the Forex market is volatile, one may argue that opening a forex position is a sort of gambling. This is a very dynamic market, and no one can anticipate how a currency pair will move with confidence even after years of diligent research and analysis. Only analysis techniques and prior forecasts may be relied on, but neither are definite. 

You will always be exposed to Forex risk with every Forex position you open. This is a risk in which you are exposed to the market's dynamic character and have no idea how it will perform in the following days or even hours. Regardless matter how much technical or fundamental analysis you undertake, Forex risk is always present, and every trading position you take demonstrates some level of Forex gambling.

When making a "play," one of the most noticeable contrasts between a gambler and a Forex trader becomes apparent. Gambler is constantly unsure about their chances of winning, and unless they are engaging in unethical behavior, they always think the odds are stacked against them. Their odds of winning are usually lower or comparable to those of the house. 

A forex trader, on the other hand, attempts to devise various trading techniques that would tilt the odds in their favor. They can utilize various analysis methods to forecast market trends and establish a position that will almost certainly be advantageous for them. 

They are certain that after some astute trading patterns, they will arrive at a successful overall position. This demonstrates the primary distinction between a Forex trader and a gambler.

1. Numbers

The primary reason people pursue these two fields of work is to generate money. Everyone wants to make a solid investment, whether it's a gamble or a market position that will provide a positive cash flow. The sums of money that circulate in various businesses vary greatly. 

Every day, dealers from all around the world exchange about $5 trillion in the currency market. The sums involved in the gambling industry are nowhere near that. This is a significant difference between these two industries.

2. Participants in the industry Every firm has its own set of employees who work in it. These might be significant or minor participants, all of whom work together to ensure the success of the event. 

The majority of Forex market participants are retail traders. Individual investors from all over the world build their own trading techniques in order to outperform the market. Another player in huge financial institutions like mutual funds and banks. 

They contribute to the validity of forex trading, and with such large participants, you may be confident that it is legitimate. Gambling, on the other hand, presents several legal challenges because it is illegal in various areas of the world. Its members are constrained to unlawful subterranean activities that call everything into question. This is still another distinction between them.

3. The tools that were employed

Although Forex trading has its own set of risks, you are generally fully educated about why you took a particular position. There are a plethora of tools available to assist you in accurately analyzing the market, as well as many rules on how to establish and close trading positions. 

These change according to your trading strategy and analytical process. When employing technical or fundamental research, you can monitor market developments for several days or even weeks before deciding on a position. 

This demonstrates that there is no such thing as a fortunate deal, and they are all influenced by thorough market research. These tools assist a Forex trader in becoming more proficient and making profitable deals. Such instruments, however, do not exist in the world of gaming. There are no trends to research in order to make an informed selection. This leaves everything up to chance, which does not appear to be a sensible concept.

4. Feelings

Most gamblers become addicted over a period of time. According to research, this is due to the emotions involved in gambling. When a gambler walks into a casino, their primary goal is to win money. This clouded their judgment and made them oblivious that they may lose money. Because there is no method to make educated bets and they just rely on luck, they may not have a fortunate day and lose all of their money. 

Rather than discouraging someone from gambling, it tends to drive them even farther since they will return again and again until they get hooked. However, in forex trading, the situation is entirely different. During the training process, one must learn to separate one's emotions from one's decisions. To make better selections and initiate winning transactions, a trader must learn to differentiate greed from fear.

5. Applied strategies

Trading in the currency market, like any other company, is fraught with risk. Some traders claim that they might be in a losing run for months, but you discover that they made their trades without any plan or adequate evaluation in mind. These are primarily traders who have accepted the narrative that forex trading is a kind of gambling. A trading strategy is essential for accomplishing long-term objectives. 

Before investing any money in any transaction, conduct a thorough investigation and determine whether it will assist you in reaching your ultimate and desired position. This will help you to make better-informed judgments about whether or not to engage. 

You may utilize the tools' many components, such as Stop Losses, to ensure that transactions are closed at the appropriate times. Gambling, on the other hand, does not require any strategy because the outcome of your bets is determined by chance. This is a significant and noticeable distinction.

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How do I withdraw money from forex?

You may wish to reap the rewards of your trading activity if you've been making lucrative trades, or you may just require access to your cash for whatever reason if you're using an online broker for short-term trading or longer-term investments. To do so, you must first remove funds from your broker account.

That doesn't seem difficult, but brokers range significantly in terms of withdrawal choices (such as bank transfer or credit/debit cards), as well as withdrawal speed and ease. While many brokers offer free withdrawals in most instances, some brokers and withdrawal types may charge a fee.

The most popular method of withdrawal is bank transfer. It is offered at virtually all brokers, including Forex.

Forex now allows you to withdraw funds to a debit or credit card in addition to bank transfers. Because many brokers do not provide this service, Forex has a distinct advantage.

You can also use electronic wallets to withdraw money. This is a useful feature that not all brokers offer. You may withdraw money from Forex to the following electronic wallets: Paypal.

It's also important to be quick. Withdrawals are rarely quick, unlike other deposit alternatives. Your money will arrive in at least one business day, but more frequently than not, many business days.

We tried withdrawing money from Forex and it took more than three business days, which is a little longer than most other brokers.

To withdraw money from Forex, you must complete the procedures below:

Please sign in to your account.

From the relevant menu, select 'Withdrawal' or 'Withdraw funds.'

Choose a withdrawal method and/or an account to which you want to make a withdrawal (if more than one option is available)

Enter the amount to be withdrawn, as well as a brief explanation or description if required.

Send us your request.

You may only withdraw money from accounts or cards that are in your name, regardless of the method you choose.

Fees for withdrawing money from Forex

While it is usually free to put money into a brokerage account, this is not always the case for withdrawals. International bank transfers and wire transfers, in particular, can sometimes have hefty costs, so double-check to see if this applies to your transactions.

We have some great news for you: basic withdrawals at Forex are completely free. Details and any exceptions may be seen in the table below, as well as how Forex.com compares to some of its direct competitors.

In conclusion

In most circumstances, withdrawing money from Forex is free, and you have a variety of ways for doing so, making it reasonably simple to get your money.

Check out our broker comparison tool to discover how Forex's withdrawal costs and options compared to the rest of the brokerage market.

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The Best News Websites You Can Rely On For Reliable Information

Right now, fake news is a major concern. The news industry is dominated by mega-billionaires. Everyone is concerned about media bias, false reporting, and sensationalism. We live in a time where we don't have faith in those who report the news.

Despite this, there are still some reliable news sources to be found. All you have to do is know where to look.

AllSides is an excellent way to acquire news since each story is explicitly labeled as left-leaning, center-leaning, or right-leaning. When you want to see what other people have to say on a topic, we highly suggest it. It's eye-opening and may teach you how to spot news bias in other places.

1. Associated Press News

If you read a lot of news, you'll notice that the Associated Press is credited everywhere. It frequently breaks stories first, and then other sources take them up and publish them for their respective audiences.

AP is a non-profit organization with no corporate support or government funding. AllSides' crowd-sourced bias rating is "middle," which means it doesn't support a left- or right-leaning point of view.

While the Associated Press is frequently quoted in other news publications, you may acquire the information directly from the source.

2. BBC

The BBC (British Broadcasting Corporation) is the world's largest broadcaster. Because the organization is funded by the British government, it is not subject to corporate interests.

The BBC has a 90-year history and a well-deserved reputation for reliable and balanced reporting. It's classified as a center news source by AllSides, which means it's one of the top news sources for finding balance.

Despite being in the center, Americans may notice that the "center" in the United Kingdom is noticeable to the left of what they're used to.

3. The Christian Science Monitor

The Christian Science Monitor has a distinct structure from the other greatest news sources on this list because it is a news magazine. It has fewer stories, but those that it does have are more in-depth.

It was created in opposition to the sensationalist press of the early 1900s, and it has maintained a solid reputation throughout the past 100 years, remaining independent of major media organizations.

You can get news from CSM in two ways: the daily edition (which includes five daily articles and an explanation of why they're essential each evening) or the weekly edition (which includes five daily stories and an explanation of why they're important each week) (which is also available in print).

Unfortunately, neither is available for free. The daily will set you back $11 a month, and the weekly will set you back around $30 per year. It's also available on Kindle.

4. The Economist

Although The Economist is said to tilt left by AllSides, it has a reputation for high-quality reporting. "Privilege, pomposity, and predictability are all enemies of our newspaper," it says.

The Economist has championed topics on both sides of the political divide throughout its existence. Today, it has a little more left-leaning bent. However, it is unafraid to associate itself with the political party that best promotes its beliefs, which are centered on free trade and free markets.

5. Digital Bangla News

Another excellent online news source is Digital Bangla News. Digital Bangla News is the Best Online News Portal in Bangladesh. Digital Bangla News is one of Bangladesh's greatest online news portals and one of the country's first 24-hour news-oriented websites. The news site was founded by a group of committed writers and journalists.

Digital Bangla News continues its work with the purpose of bringing genuine and politically unbiased news to people all across Bangladesh and the world. Bangladesh's Digital Bangla News is a 24-hour Bengali news website.

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WesternFX is an established Global STP forex broker serving both individual and corporate clients around the globe. We offer all of our customers a comprehensive range of trading options specializing in FX and CFDs (Contracts For Difference), precious metals, energy and indices.